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Glossary

Vested Benefits Foundation of PFS

It's important to us to explain the complex topic of the occupational benefit scheme as comprehensibly as possible. However, sometimes we cannot get around using technical terms. In our glossary we explain these technical terms briefly and in a reader-friendly manner.

Glossary

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A
Acceptance
By accepting a proposal for life insurance, an insurance company binds itself legally to the benefits and premiums stipulated in the proposal. The company stipulates these when it draws up the policy. Subsequent modifications to the insured risk (e.g. health, occupation, domicile) are not taken into consideration.
By signing the proposal, the policyholder confirms his agreement to the benefits and premiums stipulated within it and his acceptance of the conditions laid down by it.
Acquest
A possession acquired by a spouse during marriage and forming part of the joint estate (Art. 197 of the CC).
Adjustablecontribution procedure
The annual contributions by active insured persons are immediately used to finance benefits paid out to pensioners. This means that no policy reserve is created since it is arranged that receipts and expenditure are the same at any particular moment.
Affiliation contract, occupational pensions
If an employer has not set up its own occupational pension plan, it may conclude an affiliation contract with a joint or collective foundation in order to provide occupational pensions. The affiliation contract defines mutual rights and obligations and, among other things, includes regulations governing the duration, termination and dissolution of the contract.
Age at entry
The age at entry is a deciding factor in the calculation of a premium when a life insurance contract is being drawn up. It corresponds to the difference between the commencement date of the insurance and the date of birth of the prospective insured person. Age at entry is expressed in whole years with fractions over six months being rounded up to the greater whole year.
All-encompassing pension solution
Type of organisation for non-compulsory insurance in the occupational pension provision area, where the BVG minimum benefits and the extra-mandatory benefits are grouped together as a unit.
B
Beneficiary
The beneficiary, who may be either a natural person or a legal entity, has an expected entitlement to the insured benefits. The beneficiary is specified by the policyholder and may be named as the beneficiary of the entire sum insured or of a proportion thereof.
Board of management
Highest administrative organ of a pension fund. In the context of the law and the act of incorporation, it can take decisions freely and definitively. It also assumes responsibility for the fund particularly with respect to investing its fortune.
C
Cantonal bank
Cantonal banks are created through application of cantonal laws. Most cantonal banks are constituted under public law and possess their own legal personality.
Capitalization system
Method of pre-financing in which capital reserves are created to cover anticipated future capital expenditure resulting from certain legal relationships. Each person saves for themselves. This technique implies the creation of reserves in contrast to a pay-as-you-go distribution system which consists of covering expenditure by contributions as they are received.
Cash payout (BV)
Occasionally in occupational pension schemes, a cash payout equal to the value of the termination benefits is permitted.
Commencement of a contract
The point in time at which the contract is concluded on the basis of the acceptance of a binding application.
Contribution gap
Difference between the contribution years owed and contributions made for old age and survivors insurance. Individuals with contribution gaps only receive a partial pension.
Coordinated salary
The BVG coordinated salary is the part of the salary which, as stipulated in the BVG (Occupational Insurance), must be insured.
The amount to be insured lies between 87.5% (7/8ths) of the maximum AHV (OASI = Old Age & Survivors Insurance) pension (coordination deduction) and 300% of the AHV (OASI) pension (BVG – Salary maximum).
To reach this coordinated salary in cases where salaries exceed the BVG salary maximum, the coordinated amount is deducted from BVG maximum. In cases where salaries are below the BVG maximum, the coordinated salary is deducted from the gross salary.
If the coordinated salary is less than 1/8th of the maximum AHV (OASI) pension (with salaries between the maximum AHV(OASI) pension and the entry threshold), then it is rounded-up to the minimal coordinated amount.
Coordination deductible
Part of a salary which, in the mandatory insurance defined by the BVG/LPP, cannot be insured. It corresponds to 7/8 of the maximum AHV/AVS pension.
D
Defined contribution scheme
A model for providing benefits for an occupational pension plan. The insurance benefits are provided on the basis of the retirement savings accumulated by the individual (interest-earning amount).
Defined premium method/contribution plan
With this system, insured benefits are calculated according to tariffs on the basis of contributions paid. The contributions must be clearly defined, for instance as a percentage of an insured salary or, less frequently, in francs.
Degree of disability
A percentage that indicates the extent to which the insured person’s disability limits his or her earning capacity. The degree of disability is decisive in assessing the IV pension due.
Disability capital
Insurance benefit in the form of a one-time lump-sum payment. Paid in the event that a person becomes disabled.
Disability, invalidity
As laid down in the regulations of life insurance companies, an insured person is considered to be permanently or temporarily disabled when, owing to illness, accident or disablement, he is no longer able to exercise his customary occupation or to perform other suitable work which he could be reasonably expected to carry out. Work is considered to be suitable when it corresponds to the insured person’s abilities and skills as well as his previous social situation. In the context of disability insurance, the right to benefits depends on the existence or not of a loss of earnings resulting from the disability. For all persons exercising a lucrative activity, calculation of the degree of disability is based on actual loss of income. The insured person’s earned income prior to the onset of the disability is compared with the income he would currently have – or could be expected to have – in the exercise of his former occupation or doing some other suitable work which he could be reasonably expected to carry out. The difference, expressed as a percentage of income, indicates the degree of disability. For persons not exercising a lucrative activity (e.g. housewives and adolescents), the degree of disability is measured by their inability to carry out certain tasks or the restricted nature of certain activities. Employed persons in particular should take care to ensure that, through the choice of a suitable waiting period, the legal or contractual duration of the employer’s obligation to continue to pay his salary should be coordinated to end with the commencement of disability pension payments.
Disability, invalidity
The notion of disability is normally assimilated with the idea of “incapacity to earn one’s living”. Strictly speaking, disability implies that a person’s health is wholly or partially affected as a result of illness or an accident, so that it is not necessarily linked to an incapacity to earn. In the field of life insurance, a distinction is made between temporary and permanent disability. An insurance company must, therefore, only provide a benefit if, following an illness or accident, there is a reduction in income resulting from the illness or accident and if the insured person is incapable of exercising his occupation or some other activity corresponding to his social situation.
E
Employment income
Income from employment or self-employment (in the form of cash, payment in kind or services).
Entry threshold (BVG)
The lower income limit that determines whether or not occupational pension coverage for an employee is mandatory or not.
Extra-mandatory cover (BV)
Portion of insurance cover in occupational pension provision that exceeds the minimum cover prescribed by law.
F
Federal Social Insurance Office
The Federal Social Insurance Office (FSIO) comes under the Federal Department of the Interior (FDI) and is, by analogy with the Federal Office of Private Insurance (FOPI), the highest authority vested by the Federal Council with the responsibility of supervising social insurance.
Final vested retirement assets, projected
This term refers to the hypothetical final vested retirement assets (BVG/LPP) at regulation retirement age.

The full amount, consisting of retirement credits and interest, is also referred to as the projected final vested retirement assets with interest. A rate of conversion is used with this value to calculate the BVG/LPP old-age pension.
Fund-linked life insurance
In the case of fund-linked life insurance, the portion of insurance contributions which are normally invested in the unearned premium reserve (savings portion) is used to acquire fund units. There are life insurance policies which allow the policyholder to choose from a range of funds, as well as policies which allow the policyholder to simply select an investment focus (bonds, equities, real estate, etc.).
G
General Conditions of Insurance
The General Conditions of Insurance (GCI) set forth in standard format the provisions of an insurance contract as they apply to all parties concerned. They form an integral part of the insurance contract. Insurance companies must observe the Federal Insurance Contract Act (VVG/LCA) when drawing up their GCI. This act includes certain provisions which may not be amended by any contractual agreement and others which may not be modified to the detriment of the policyholder or the rightful claimants. The GCI reflect the legal requirements very closely and need to be approved by the supervisory authority, namely the Federal Office of Private Insurance (FOPI). This very strict supervision provides a reliable guarantee of an insured person’s interests. Given that the GCI form an integral part of an insurance contract, policyholders must be provided with a copy of them in advance or, at the latest, before submitting his/her insurance application form. More often than not these operations are carried out separately. This is why insurance companies request that policyholders confirm having received and accepted the GCI on their application form.
Golden rule
The golden rule applies when, over a fairly lengthy period of time, salary increases expressed as a percentage are equal to the technical interest rate. According to the BVG/LPP, pension plans attain their objective when the golden rule applies.
Group insurance
In group insurance, a company has a contract with an insurer to protect its entire personnel against specific risks.
Group life insurance
Insurance policy covering individuals in a homogeneous group (such as employees of the same company) as part of a pension plan. Group insurance may be used to provide complete BVG/LPP cover.
Guarantee fund
A guarantee fund is a fund based on public law. Its function is to pay subsidies to occupational pension plans where the age structure is disadvantageous. In addition, it guarantees the legal benefits due if a pension plan becomes insolvent. Guarantee funds are financed by the pension plans. The share of each institution is determined by the sum of the coordinated salaries of all the insured persons paying their contributions towards an old-age pension.
H
Heirs
Heirs are those persons entitled to receive a deceased’s estate. The distinction can be made between legal heirs (generally family relations up to a certain distance) and appointed heirs (designated in a will).
I
Incapacity to work
Refers to a person who, in the judgement of a doctor, is no longer fit to work in his or her previous job or previous workplace for health reasons. Incapacity to work is not synonymous with disability.
Insurance policy
An insurance policy is an insurance contract in which the rights and obligations of the contracting parties are stipulated. It merely serves to prove the content of the contract and especially define who is the policyholder, the insured person and the beneficiary. The document also indicates the amount of the insured cover, its term and the sums to be paid by the policyholder in the form of premiums together with their due dates. These detailed indications are to be found in the GCI and any special provisions that must occasionally be stipulated. They form an integral part of the policy. When the cover arrives at term, the policy must be made available to the insurance company.
Insured capital sum / amount
This is the amount stipulated in an insurance policy which becomes payable when an insured risk occurs. The parties concerned agree upon an insured sum which, in the insurance of objects, is calculated based on the value of the object.
Insured person
In general:
the person whose property, assets or person forms the object of the insurance contract. This person is also entitled to benefits. Synonym: the insured.

In personal insurance:
the person upon whose life the insurance is arranged or for whom accident or sickness cover is agreed.
Investment regulations
Legal provisions which govern the capital investment of life insurance companies and occupational pension plans. They are based on the criteria of security, yield and liquidity. To this end, the authorities may draw up a catalogue of authorized investments or, on the other hand, proscribe others.
J
Joint estate
The marriage settlement of a joint estate comprises common property (capital and occupational income of the couple) and personal property of each of the spouses (personal effects and rights to compensation for damages). Common property belongs jointly to the two spouses whereas personal property reverts to the person to whom it belongs in his own right.
L
Life insurance without premium refund
Where an insured person dies before reaching the maturity age, the insurance lapses and no benefit is paid.
Life insurance with premium refund
Where an insured person dies before reaching the maturity age, the insurance company refunds the premiums paid up to the time of death (without interest).
Linked savings plans
Linked savings plans (or restricted pension plans) are a way of saving for retirement which provides tax privileges. They are designed to supplement Pillars 1 and 2. Because the money saved must serve exclusively and irrevocably as part of long-term savings, this form is described as “restricted”. Due to the tax privileges inherent in such pension plans, restrictions are imposed on their conclusion, structure and disposition of claims, on the basis of legal provisions. As well as saving for retirement, provisions for death and disability may also be structured and combined in accordance with individual needs. Recognised forms of this kind of pension plan include restricted pension plans available from insurance companies and restricted pension agreements offered by bank foundations.
Lump-sum payment (BV)
An amount of money that is paid out from the occupational pension as a one-time benefit. This is combined with the settlement for the surviving spouse.
M
Mathematical or policy reserve
A policy reserve is made up of the savings component of premiums capitalized at the technical interest. If the savings component of a premium is increased by any interest due – but not taking completion costs into account – then the term net policy reserve is used. By adding a reserve for future administrative costs to the net policy reserve then the inventory policy reserve is obtained. The policy reserve also plays a part in risk insurance since, for the complete duration of a contract, flat premiums are paid whereas the risks associated with death and disability increase with increasing age. This is the reason why the risk premium that the policyholder pays is too high at the beginning and too low later on in the contract period. So as to be able to meet their obligations, particularly at the later stages of a policy, insurers capitalize parts of the early high premiums in the form of policy reserves. When a life insurance policy is surrendered, then a sum equal to the completion costs which have not yet been absorbed is deducted from the policy reserve for the insured risk. The remaining sum is known as the surrender value.
Maximum BVG salary
The upper limit of an employee’s income that is insured by the occupational pension.
Minimum interest rate
In occupational pension provision, this is the prescribed interest rate for retirement credits.
N
Net Asset Value (NAV)
The term “net asset value” or “NAV” refers to an indicator which is used in connection with investment funds and shares (stocks). When used in relation to investment funds, this indicator defines the actual value of a specific fund. Funds usually list their net asset value on a per-share basis. The NAV of a fund is often referred to as the fund’s intrinsic value.
Non-linked provision measures
Non-linked provision measures (or unrestricted pension plans) are designated as all personal pension measures taken as defined under Pillar 3b of the three-pillar system. Principal amongst them is life insurance, but they also include investments, the purchase of residential property, and so on.
O
Occupational mobility
This is the right possessed by most insured persons – under certain conditions and not taking restrictions on admission (age, state of health, etc.) into account – to change from one insurance company to another for health plans, pension plans, when changing employer, and so on.
Occupational mobility credits
In principle, occupational mobility credits correspond to the vested retirement assets created when an interested party leaves his occupational benefit plan for a reason other than an insured event. The new law introduces the notion of total occupational mobility both for the mandatory part of a plan and the part over and above this. The whole amount of an occupational mobility credit – mandatory part and part exceeding the minimum – must be transferred to the new occupational benefit plan.
Occupational mobility policy
If for some reason occupational mobility credits cannot be transferred to a new occupational benefit plan, the credits may be kept through the creation of an occupational mobility policy.
The occupational mobility policy is a special form of capital or annuity insurance under Pillar 2 which exclusively and irrevocably serves as part of long-term savings, including any supplementary insurance for death or disability. A minimum interest rate is guaranteed.
Occupational pension plan
Employers with personnel subject to mandatory insurance are obliged by the BVG/LPP either to create an occupational employee pension plan – also known as an employee benefit plan – or to join an already existing pension plan. This measure demonstrates the government’s intention to protect the capital paid into the pension plan in the event of the employer’s going bankrupt and to guarantee its existence for the future benefit of the employees. Pension plans participating in the application of the mandatory insurance provisions must enter their name in the occupational pension plan register. The law allows pension plans to choose their structure from among various legal forms – a fund, a cooperative society or an institution based on public law.
Occupational pension plans
The BGV/LPP (Federal Law on Occupational Benefit Plans concerning Old-Age, Survivors’ and Invalidity) lays out the regulations for employees’ occupational pension plans – the compulsory 2nd pillar of the triple-pillar system. The aim of these plans – in conjunction with AHV/AVS and IV/AI benefits – is to enable surviving dependants, the elderly and disabled persons to maintain a standard of living as close as possible to their previous standard. All employed persons subject to AHV/AVS contributions and with a minimum income fixed by the employer are covered. The main benefits provided by the BGV/LPP are payment of old-age pensions, widows’ and orphans’ pensions and invalidity pensions.
Old-Age and Suvivors’ Insurance
The old-age and survivors’ insurance (AHV/AVS) has been in force since 1948 though there have been several revisions to it since then. Along with the AI, the AVS constitutes the first pillar of the Swiss “triple-pillar system” and is designed to provide a minimum standard of living. It is compulsory for all persons living and working in Switzerland. Eligible persons receive old-age and survivors’ pensions as well as allowances for helplessness and auxiliary measures. Rightful claimants are all either insured persons or their survivors. Special arrangements apply to non-Swiss nationals.
P
Parity
Applied to occupational pension plans this term means that the administrative body of a particular plan must consist of an equal number of employer representatives as of employees, regardless of the total amount of paid contributions. The principle of parity must be observed by all registered private-law occupational pension plans irrespective of whether they pay out only the mandatory BVG/LPP benefits or benefits in excess of this minimum.
Pension benefits
Benefits from the AHV, occupational pension plans and extra-mandatory insurance (i.e. cover that is over and above that required by law) which the insurer provides when the insured person reaches retirement age. This includes a old age pension, a child’s pension, a helplessness allowance and contributions towards special aids.
Pension plan regulations
The pension plan regulations govern the occupational pensions provided by the pension plan and specify the rights and obligations of all participants. These regulations are issued by the governing body of the pension plan.
Pension statement
The pension statement is an information document for the insured person and contains details about personal entitlements and obligations and the actual amount of these, e.g. pension fund certificate, AHV/AVS certificate.
Period of non-availability
Period during which an insurance company, on the occurrence of an insured event, does not have to pay benefits from the commencement of the contract. A period on non-availability should not be confused with a waiting period. A period of non-availability is unique and is established for a stipulated period from the commencement date of the contract. At present, periods of non-availability are rarely met with in the field of life insurance (except, for instance, in cases of suicide).
Policy
The policy is a private document setting out the rights and obligations of the parties which is to be issued by the insurer to the policyholder (VVG/LCA 11). The policy serves as proof that an insurance contract has been concluded and of its contents (VVG/LCA 12). It is not a prerequisite for the conclusion of the insurance, rather the outcome thereof. It is not a security, but is considered equivalent to a security for the purposes of declaration of invalidity (VVG/LCA 13).
Policyholder
The contractual partner (individual or group) of the insurer.
Premium
The premium is the price that the policyholder pays to the insurer in return for which the agreed benefits are provided in the event of a claim. The premium is generally calculated for a period of insurance, a year unless otherwise specified, even if other payment methods are agreed, e.g. monthly instalments, single premium.
Premium payment waiver
The insured person is freed from the obligation to pay premiums if he/she becomes unable to work or disabled during the term of the insurance. The insurance company takes over the remaining premium payments corresponding to the insured person’s level of disability. The insurance will continue without change. In the context of a contract on two or more lives, a premium payment waiver in the event of the death of one of the insured persons allows the coinsured persons to continue the contract without premium payment
Premium refund
Premium refund is mostly used in connection with old-age pensions. It implies that, in the event of the insured person’s death, the premiums paid or the single premium (without interest) are paid out – after deduction of any pension payments already made – to the person designated as beneficiary in the contract’s beneficiary clause. Premium refund also exists in life insurance. On the death of the insured person, the premiums already paid are refunded, also without interest.
Promotion of home ownership (BV)
Retirement savings from the occupational pension can be used to purchase a home (with certain restrictions).
Proposal or application
The application is the expression of will by which the applicant expresses his/her will to conclude a contract in binding fashion, such that a positive counter-declaration (acceptance) by the recipient is all that is required for the establishment of the contract. The application for concluding an insurance contract is normally initiated by the person interested in obtaining insurance (the potential policyholder). It must contain all objectively significant contractual points (insured perils, insured objects, insured benefits, premiums, inception and duration of the insurance) and any other points that either party considers to be significant. Normally an application form is used to make an application. The GCI are either included in this or are referred to therein. In the latter case, the GCI must be issued to the applicant before submission of the application, as otherwise the application is not binding. The applicant is bound to the application for 14 days from the date of sending (if a medical examination is required, this period is four weeks). During this period the insurer may confirm acceptance of the application which will have the effect of concluding the contract. Confirmation of acceptance is normally effected by sending the policy or the invoice for the first premium to the policyholder. If confirmation of acceptance is received by the applicant with a delay or if changes have been made to significant contractual points, this is a new proposal issued by the insurer to the potential policyholder which the latter has to accept in order that the contract may be established.
R
Rate of conversion
Rate fixed by the Federal Council based on life expectancy. The rate of conversion is used to calculate old-age pensions on the basis of the vested retirement assets accumulated up to retirement age (vested retirement assets multiplied by the rate of conversion = annual old-age pension). It is also used to calculate disability pensions as stipulated in the BVG/LPP.
Repayment of vested retirement assets
In accordance with Art. 15, para.2 of the BVG/LPP, the Federal Council fixes the minimum rate of interest on which vested retirement assets are repaid. The rate is currently (2005) 2.5% (Art. 12 of the BVV/OPP2).
Representative, legal
An individual who is capable (or bound) to carry out whatever acts are necessary on behalf of another person who is considered to be incapable (a minor, in the care of a guardian, unauthorized) so that the latter’s obligations and rights may be validated.
Retirement credits
Retirement credits are the part of the pension costs which are saved. Savings contributions are made both by the employee and the employer. Retirement credits as prescribed by the BVG/LPP are calculated annually as a percentage of the insured salary.
Rightful claimant
A person to whom, on the basis of their own or derived rights, an insurance entitlement is due at the time when the insured event occurs (the policyholder, co-insured persons under liability insurance and group personal insurance, the beneficiary).
Risk premium (BV)
Portion of premium for occupational pension provision that is collected for the risks of death and disability.
S
Savings premium
For capital-accumulating insurances, this is the part of the total premium which, together with the interest, determines the annual growth of the policy reserve.
Savings premium
For capital-accumulating insurances, this is the part of the total premium which, together with the interest, determines the annual growth of the policy reserve.
In principle, with this kind of insurance, the insurer must also provide a benefit if the insurance contract is cancelled before its term, that is to say before an insurance event occurs, and provided that the minimum premium payment period is complied with.
Security fund
When they enter into business, life insurance companies are required to deposit a guarantee of SFr. 500,000. This sum is placed in a safety fund covering the rights of policyholders of life insurance contracts which they have issued. The ideal sum corresponds to the technical reserves of a life insurance company.
Single premium
A single (life) premium used to finance insurance, payment being made at the commencement of the insurance contract.
Splitting (income splitting)
Feature specific to calculating retirement pensions for married couples. For calculating the average employment income, each spouse is credited for half of the other spouse’s annual income for the duration of the marriage.
Splitting pension solution
Type of organisation for non-compulsory insurance under occupational pension provision, where the BVG minimum benefits and the extra-mandatory benefits are insured separately.
Supervisory authority
Each canton appoints a body responsible for the supervision of all occupational benefit plans of companies whose head office is located within the canton. This body checks that all legal conditions are observed and keeps an occupational benefit plan register. These supervisory authorities are responsible to the Federal Council. Similar supervision is also carried out by the Federal Office of Private Insurance or the Federal Social Insurance Office.
Supplementary benefits (EL)
State pension (first pillar) benefits that are paid if a person receiving AHV or IV benefits does not have an income sufficient enough to cover basic living costs. These benefits can only be claimed by people in need.
T
Tariff
An insurance specialist employs the term “tariff” to mean the different types of insurance. However, the term is commonly used to mean the tables of (life) premiums based on age at entry and duration of contract or the age at term established for each insurance policy and then presented together as a list of tariffs.
Tax deduction
Life insurance premiums in the context of pillar 3b (non-linked insurance) may be deducted from income together with other insurance premiums (e.g. health plan) up to a given limit (flat-rate deduction). Premiums of a linked occupational pension plan may be entirely deducted from income provided that the maximum deduction limits are not exceeded.
Technical rate of interest
Actuarial calculations produce this rate which has to be fixed in such a way that it is always higher than the real return on capital. See also under technical interest.
Termination benefits (BV)
Retirement savings from an occupational pension plan that an insured person is credited with or granted upon cessation of employment.
Triple-pillar system
This is the name given to the Swiss old-age, survivors’ and invalidity insurance system. It became part of the Federal Constitution (Art. 111) in 1972 and is based on three pillars. The first is represented by the AHV/AVS and IV/AI – a general insurance provided by the Confederation which guarantees a minimum income. The second pillar is formed by the BVG/LPP occupational pension plans. This cover, along with that of the first pillar, should allow an insured person to maintain his customary standard of living. The third pillar is formed by voluntary personal pension plans. This supplements the first and second pillars in accordance with personal needs. The third pillar is subdivided into unrestricted (3b) and restricted (3a) pension plans.
V
Vested benefits account
A restricted bank account into which the termination benefits from an insured person’s occupational pension are transferred if this person does not begin a new position immediately.
Vested retirement assets (retirement savings)
Within the context of occupational pension plans, each insured person receives a percentage of his coordinated income. These sums, termed retirement credits, constitute a person’s retirement savings. The retirement savings are comprised of the individual retirement credits, the occupational mobility credits (termination benefits) transferred in from a previous pension scheme, and any deposits plus interest accrued on these amounts. Interest is calculated on the basis of the minimum interest rate prescribed by the Federal Council.
W
Waiting time
A waiting time is a period of time between the occurrence of an insured event and the date on which the insurance company is contracted to commence indemnity payments.
A waiting time is applied in the area of disability pensions and where daily indemnities are paid out by a life insurance company. Waiting times offer the possibility of coordinating the payment of benefits where other insurance institutions are covering the same risk. A waiting time also allows the obligation incumbent on an employer to continue to pay a salary to be taken into account. Waiting time must not be confused with period of non-availability.
Winding-up of a matrimonial relationship
This takes place when a couple separates – be it through divorce or death of one of the spouses – or as a result of changes in a marriage settlement. At the time of separation/change, sharing of the spouses’ fortune should be carried out based on the marriage settlement (ordinary settlement by acquest sharing, joint estate or property separation) and any existing marriage contract.